MEGARA© is proud to be granted the prestigious 2024 Swift Certification label

VERMEG, is pleased to announce that its MEGARA © solution has been awarded the Swift Certification label for 2024. It’s a great achievement, thanks to whom we yearly commit to providing our Clients with products and services we do believe meeting their requirements.

All validations have been completed and proved to be successful to qualify VERMEG for the Securities Settlement, Corporate Actions and Collateral Management labels.

Managing the full lifecycle of securities transactions is no small feat. From clearing to settlement, each step in the process can be fraught with manual interventions and operational risks. That’s where MEGARA Settlement comes into play.

The MEGARA solution automates the entire lifecycle of securities transactions, allowing institutions to manage a wide range of transaction types with ease. Additionally, the platform is equipped with native connectors to leading Central Securities Depositories (CSDs), Custodians, and key Market Infrastructures, ensuring seamless integration and reducing the need for costly customizations.

By automating these workflows, MEGARA Settlement not only enhances operational efficiency but also minimizes risks and ensures compliance with regulatory requirements.

Corporate actions management is another area where automation can deliver significant value.

MEGARA Corporate Actions is designed to simplify the complex processes associated with corporate actions while reducing the risk of human error. This solution provides full automation of corporate actions processing, ensuring that institutions comply with international standards and adopt the best practices recommended by regional Corporate Actions Working Groups.

The flexibility of MEGARA Corporate Actions means it can be tailored to meet the unique needs of each customer, offering a streamlined, compliant, and efficient solution for corporate actions management.

Collateral management is becoming increasingly critical as institutions look to optimize their use of collateral to manage risk, liquidity, and monetary policy obligations.

MEGARA Collateral Management automates the processing of collateral for a wide range of applications, including Securities Lending, Liquidity Management, and Monetary Policy operations. This solution is trusted by major custodians and central banks across Europe and beyond, offering the reliability and robustness required by such high-stakes operations.
Through this automation, institutions can restructure collateral operations, reducing manual workloads and operational risks, while ensuring that their collateral is being used efficiently and effectively.

One of the main changes for corporate actions this year, is the specification of a reversal reason for a payment reversal and align with ISO 20022 reversal reasons.
Based on this change resulting from reviewing the reverse engineering of CA MX messages, MEGARA for corporate actions can now benefit from the addition of Reversal Reason Codes for Payment Reversals in case of ISO15022 messages and support entitlements and payments reversal in the presence of the field 24B with qualifier REVR.

VERMEG’s receipt of the SWIFT Certification label for MEGARA© reflects its ongoing commitment to delivering industry-leading solutions that meet the highest standards of quality and performance. As the financial sector continues to evolve, with increasing demands for automation, compliance, and security, VERMEG remains dedicated to ensuring that its solutions stay at the forefront of innovation.

This achievement of MEGARA©’s current capabilities but also an indication of VERMEG’s forward-looking approach to meeting the future needs of financial institutions.

SWIFT, legally named S.W.I.F.T. SCRL, provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT also sells software and services to financial institutions, much of it for use on the SWIFTNet network, and ISO 9362 Business Identifier Codes (BICs, previously Bank Identifier Codes), popularly known as « SWIFT codes ».